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Apr 01, 2023
VF Corp Q4 2023 Earnings Report
VF Corporation reported fourth quarter revenue and earnings in line with guidance and declared dividend of $0.30 per share.
Key Takeaways
VF Corporation's Q4'FY23 revenue was $2.7 billion, a decrease of 3% (flat in constant dollars). The Earnings per share (EPS) was $(0.55), and Adjusted EPS was $0.17.
Revenue decreased 3% (flat in constant dollars) to $2.7 billion.
Earnings (loss) per share was $(0.55) on a reported basis.
Adjusted earnings per share decreased 62% to $0.17.
The North Face® revenue up 12% (up 16% in constant dollars).
Forward Guidance
VF Corporation expects total revenue to be flat to up slightly in constant dollars. Gross margin is expected to be up at least 100 basis points, and EPS is projected to be between $2.05 and $2.25.
Positive Outlook
- Total VF revenue flat to up slightly in constant dollars
- Gross margin up at least 100 basis points
- Operating margin expansion
- Higher gross margins supporting modest increases in SG&A
- Free cash flow of about $900 million
Challenges Ahead
- Q1'FY24 revenue down high-single digits in constant dollars reflecting a challenging US Wholesale environment
- EPS of $2.05 to $2.25, including more than $(0.30) from the adverse effect of higher interest
- Unfavorable foreign currency
- Assumed normalized incentive compensation
Historical Earnings Impact
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Avg. Return Before/After Earnings
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